Public Hearing – Bonds to be Issued – Utah Beef Producers


NOT TO EXCEED $10,000,000

NOTICE IS HEREBY GIVEN pursuant to the provisions of the Utah Industrial Facilities and Development Act, Title 11, Chapter 17, Utah Code Annotated 1953, as amended, that on November 30, 2022, the City Council (the “Council”) of Richfield City, Utah (the “City”) adopted a resolution (the “Resolution”) in which it authorized the issuance of the City’s Industrial Development Revenue Bonds (Utah Beef Producers, LLC), Series 2023 (with such other designation as may be determined by the City) (the “Bonds”) in the aggregate principal amount of not to exceed $10,000,000 and to mature in not more than 30 years from the date of issuance. Pursuant to the Resolution, the City proposes to lend the proceeds of the Bonds to the Utah Beef Producers, LLC, a Utah for-profit corporation (the “Borrower”) for the purpose of financing all or a portion of the acquisition, construction, equipping and furnishing of an approximately 39,000 square feet building to be used by the Borrower as a manufacturing facility along with related improvements (the “Project”) at approximately 2200 S. Redhills Drive, in Richfield, Utah. The Project will be owned and operated by the Borrower.
NOTICE IS FURTHER GIVEN that, in connection with the City’s proposed issuance of the Bonds, the City will meet on December 13, 2022 and on January 10, 2023 at 7:00 p.m. for the purpose of conducting a public hearing. Interested individuals are invited to express their views, both orally and in writing, on the proposed issue of the Bonds and the location and nature of the Project. Comments at the public hearing are invited. Written comments may be submitted to the City at its Council office located at 75 E. Center, in Richfield, Utah, until 5:00 p.m. on January 10, 2023. Additional information may be obtained from the City at its office shown above or by calling (435) 896-6439. Subsequent to the hearings, the Council will consider approving the Bonds.
The City is authorized to issue the Bonds pursuant to the Act. The Bonds will be special limited obligations of the City payable solely from amounts provided by the Borrower, including monies and securities held from time to time pursuant to a loan or other financing agreement and related security documents pursuant to which the Bonds are to be issued. The Bonds and the interest thereon will not be a debt of the City or of the State of Utah or any political subdivision, and neither the City nor the State of Utah or any political subdivision will be liable thereon, and in no event will the Bonds or the interest thereon be payable out of any funds or properties other than those of the Borrower. The Bonds will not constitute indebtedness within the meaning of any constitutional or statutory debt limitation or restriction.
The Bonds are to be issued and sold by the City pursuant to the Resolution and a Final Bond Resolution to be adopted by the City. A copy of the Resolution is on file in the office of the City Recorder of the City at 75 E. Center, Richfield, Utah, where it may be examined during regular business hours of the City 9:00 a.m. to 5:00 p.m., Monday through Friday, for a period of at least thirty (30) days from and after the date of publication of this notice.
NOTICE IS FURTHER GIVEN that a period of thirty (30) days from and after the date of the publication of this notice is provided by law during which any person in interest shall have the right to contest the legality of the Resolution or the Bonds, or any provision made for the security and payment of the Bonds, and that after such time, no one shall have any cause of action to contest the regularity, formality or legality thereof for any cause whatsoever.

Date: November 30, 2022

/s/ Michele Jolley  
    City Recorder